Need help - Future thinking, moving out for the first time

DJMK4

DJMK4

DJMK4

Soldato
Joined
1 Dec 2004
Posts
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Location
S.Wales
I have been getting a bit depressed lately, and stressed that I am still living at home at 26 (27 this year), I have made a few attempts to move out with mates but as per usual with mates its a pain in the back side trying to get anything sorted.

At the moment I dont have major savings, as I have just cleared a £2k overdraft and also bought a car (I used some cash and the rest loan). Now I am having to start my savings from the beginning, however from now I am pumping between £400-£500 a month in to savings, however this is a general savings account, if something goes wrong I need to take it out, I will take it out. I am earning (*by not giving away my salary*) - between £22-25k,

I would like to buy a place (obviously) but I have no deposit until I save for one, if I had to rent I would, however with renting I can see me having less and less money to save for a deposit on a house with the way things are going lately.

I would be perfectly happy with a "nice" one bedroom flat to get me on the market located near work. I just cant be being able to afford it atm :(

I need help from someone who made their first jump from home but keep in mind the current climate.

Whats the best option to take in this route?
 
Most people don't move out from their parents to their own place straight away ... is there no one you can share with?

Whereabouts in the country are you?
 
J-FRO said:
Get a girlfriend, fall in love, move out, rent, save for a depo with combined salary, buy a place.
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This is clearly the way forward and the way most people acheive it.

Buying a property on your own is an acheivement but shouldnt be seen as the norm because in reality few people manage it. Most are joint owned :)
 
To be honest if your parents are allright and you get on, I'd be tempted to delay buying anywhere for a few years when you should by then have a nice healthy deposite behind you. Or as J-FRO said wait until you're married and then get a place with the combined salaries!
 
DJMK4 said:
Whats the best option to take in this route?
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Your best option is to stay at home until your Rents literally kick you out the house kicking & screaming & even then just convert there garage into a Bachelor pad, Do not leave home at all.

^ Prob best advice I've ever given on here. :p
 
4T5 said:
Your best option is to stay at home until your Rents literally kick you out the house kicking & screaming & even then just convert there garage into a Bachelor pad, Do not leave home at all.

^ Prob best advice I've ever given on here. :p
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That's the best financial advice.

But for your sanity, social life and just general well-being, having your own space, as well as being more responsible in the running of a house is a lot more rewarding. For me anyway.
 
Also, you could try house sharing but not with your mates.

Moving in with people you don't know will not only open up new friendships but the initial unfamiliarity tends to make it so people feel responsible for the cleanliness of the property for each other as well. And once those standards start there is an expectation to keep them up. I for one would struggle to move in with the lads because we're too comfortable around each other and consequently the place would turn into a pig sty.
 
22 already want to move out, depends on area you live.

I live in wells somerset near bristol literally middle of nowhere with NOTHING to do club wise have to drive to go anywhere can't meet up with woman without massive drive.

Moving to leeds.

Cannot wait would hate to think of myself staying at home till 27... even if I have to live hand to mouth I do not care.

Seriously move dude.
 
sp1ke said:
22 already want to move out, depends on area you live.

I live in wells somerset near bristol literally middle of nowhere with NOTHING to do club wise have to drive to go anywhere can't meet up with woman without massive drive.

Moving to leeds.

Cannot wait would hate to think of myself staying at home till 27... even if I have to live hand to mouth I do not care.

Seriously move dude.
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But I am thinking smart, going down the renting route will take longer to get my own place eventually I think
 
DJMK4 said:
But I am thinking smart, going down the renting route will take longer to get my own place eventually I think
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Depending on where you live in the country, renting may make more financial sense than buying at any time.

In parts of the South East for instance (some parts of London included) you can rent a property for a fraction of what the mortgage would be.
 
you should be able to save much more per month on that salary,so I would really gor fo it savings wise for a year or two and get a deposit saved while you have chance
 
Don't know why you're busting to *buy* a place. To me, moving out should be about a period of freedom and not lumbering yourself instantly.
 
DJMK4 said:
But I am thinking smart, going down the renting route will take longer to get my own place eventually I think
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It will but if its making you unhappy then you need to ask - what is your purpose in life?

a) To enjoy yourself
b) To be able to tick 'Yes' to the 'Are you a homeowner' questions.

if the anwer is a), and living at home is depressing you, then rent.

If the answer is b), well, stay and save.
 
Youre earning somewhere in the region of 25k, however you have no real savings because you were clearing a 2k overdraft?

Where on Earth is the rest of your money going?

Maybe this is the reason you are still living with your parents.......

If I were you, I would take a serious look at your outgoings. Youre at your parents, so you should therefore be able to save a boatload! The amount you can put away should be able to be much higher. I would look at way to cut your spending, and start putting more money aside if getting out is what you want. As there will be nothing better for you than your own freedom!
 
i didn't move out until i was 29 but my plan was to have a deposit of £20k+ and it took me a lot longer to save it than i had thought it would but i was out most weekends and done my fair share of holidays, travelling and treats etc but i had been saving since i was 14 and have no debts with very good credit rating. the push for me to go at 29 was 1. i had £25k as a deposit (plus other monies for fees and work on the house) 2. it meant i could mortgage over 35 years as i was under 30, this was the only way i could comfortably afford the monthly outgoings.
i don't know why you are depressed at home, there's things i miss about living with my parents but i could never give up this freedom now. think about getting a mortgage and then getting a lodger in, can make a nice contribution to your monthly outgoings and there is the obvious companionship though it isn't for everyone and wasn't for me, not saying this wouldn't change if i found the right girl.
check what the rates are in your area. my parents live about 4 miles from me but the difference in rates is dramatic. there are other things to counter in too, say goodbye to buying yourself clothes on a regular basis and if your out on the lash every weekend, that will have to be capped too. what is often overlooked is the extra time in your day that will be eaten up by cleaning, cooking, washing etc
clear your debts, save and ride it out until you have a decent deposit but most importantly, make sure your job is secure.
 
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